Sixteen Nobel Prize-winning economists believe Trump's policies will fuel inflation if he wins the election

(Patria) - Sixteen Nobel Prize-winning economists signed a letter on Tuesday warning that the U.S. and global economy will suffer if Republican presidential candidate Donald Trump wins the U.S. presidential election in November, Reuters reported.

In the jointly signed letter, first published by Axios, it is stated that the economic agenda of U.S. President Joe Biden, a Democrat, is "vastly superior" to that of Trump, the former Republican president seeking a second term.

The economists say Trump's economic plans would reignite inflation, partly due to his promise to impose stricter tariffs on Chinese imports, which they say will raise prices on many goods purchased by American consumers.

"Although each of us has different views on the details of various economic policies, we all agree that Joe Biden's economic agenda is substantially superior to that of Donald Trump," the economists state in the letter.

"We believe that a second Trump term would have a negative impact on the U.S.'s economic standing in the world and a destabilizing effect on the U.S. domestic economy."

The letter was signed by prominent economists, including Joseph Stiglitz, who won the Nobel Prize in Economics in 2001, and Sir Angus Deaton, a Nobel laureate from 2015. Biden and Trump are in a tight race, with voters in a handful of states deciding the outcome on November 5.

While headline inflation has slowed over the past two years, many American consumers remain dissatisfied with the higher prices they must pay for food, gas, and other goods, public opinion polls show.

Trump has promised to impose tariffs on imports from abroad and at least 60% on Chinese goods entering the U.S., a cost that economists say will be passed on to American consumers in the form of price increases.

"Many Americans are concerned about inflation, which has declined extremely quickly. There is rightly concern that Donald Trump will reignite this inflation with his fiscally irresponsible budgets," the letter states.

The U.S. economy will be a major topic in the first presidential debate between Biden and Trump on Thursday. Trump blames Biden for high prices and inflation, while Biden argues that Trump's trade policies, including tariffs, will increase inflation.